NEW YORK Accor has announced strong interim results with profit from operations rising 36.1% to Euro 326 million and net income increasing 26.9% to Euro 196 million.
The operating profit represents 9.8% of turnover, up 1.4% from the same period last year. RevPAR has also increased 6.1% in its upscale and midscale European hotels and 7% in its European economy brands.
Accor has stated that it is holding discussions with Granada Compass and will only entertain expansion opportunities that are strategically decisive and earnings enhancing. Analysts believe that Accor s promising financial results may become overshadowed by any further announcement that it makes concerning the possible acquisition of Granada Compass hotel division. (10/5/00)
SOURCE: HVS International